One overlooked area in brand-business learning is the necessity for creating and implementing a brand-business architecture policy. Why is a brand-business architecture policy necessary?
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Larry Light, Author at Branding Strategy Insider - Page 5 of 30
There were brand-businesses that did not survive in 2023. Bed, Bath & Beyond, Rite Aid, SmileDirectClub, Lordstown Motors to name a few. There are several reasons for the demise of these brand-businesses. However, there are evergreen principles for building and maintaining powerful brand-businesses. Here are seven keys for evolving in a changing world.
Let’s talk about “Brand Essence.” Brand Essence derives from a brand-business’ Brand Promise. To be relevantly differentiated, every brand-business must have a Brand Promise. Brand Promise defines the relevant, differentiating, trustworthy expected brand experience the brand-business will deliver time after time. Brand Promise describes what a brand is intended to stand for in the mind of a specific group of customers.
In 2017, pre-pandemic, Starbucks founder and Chairman, Howard Schultz, said that the way forward for brand-businesses is making your branded space an “experiential destination.” The Starbucks CEO, Kevin Johnson said, “To survive, merchants need to create unique and immersive in-store experiences.”
CEOs have become adept at saying “Sorry.” Most of the time the apologies are because some untoward or unexpected event occurred, such as an E. coli outbreak or rats in the store.